The Cypher Group has dropped its bid for the 13th entry in the 2011 World Championship, but we are still awaiting news from the FIA as to who might actually get the slot. With the calendar ticking into August tomorrow whoever does win it will face a huge challenge to be ready in time.

The FIA seems to have failed to learn from what happened last year, and the lack of a a decision from is quite extraordinary given that the three candidates were announced on June 12 – and even then one failed to get its act together and another only just made it. And while Lotus didn’t get its entry until September, Tony Fernandes and Mike Gascoyne were given a positive response from Max Mosley as early at the British GP, and began work.

Little hard information had come from Cypher other than confirmation of a link with Jonathan Summerton. A statement from the North Carolina-based outfit said: “We remain completely committed to developing a credible and viable Formula One team and were able to raise a considerable amount of sponsorship and interest in recent months.

“However after much deliberation, we have decided that the budget we have is not sufficient to allow us to pursue the project in a manner befitting the series. It was not an easy decision, but one made out of respect for the FIA Formula One World Championship and our loyal supporters.

“The Cypher Group is reviewing projects and opportunities that will allow it to achieve the ultimate goal of entering Formula One in the near future. We would like to thank our fans for all their support and understanding.”

With ART already gone the news appears to leave Villeneuve/Durango, Epsilon Euskadi and Stefan GP as the only remaining candidates.